republican lawmakers ar schwab eling in private over important details. keep the existing clause or stuff the whole thing. >> take a couple more comments. >> for whatever you are going to do. is fully transparent and fully congressional reviewed with sphiconstituent effort. >> my question is about healthcare and why there is a need to make this a partisan issue. >> is there a life raft? >> kids in town hall are also concerned about the administration's relationship with russia, and whether we're bound and dominated by our nuke-heavy, cold war foe. i have a bit of advice, none one i, stop acting like politicians. instead of spewing out slick vaseline answers, say what you really think, even if you think it may hurt you politically, be honest, stop being a self preserving bs artists, and when it falls apart, channel your inner preschoolteacher, treat like children, and use phrases like crisscross apple sauce, and one, two, eyes onu. >> number three, don't be afraid to push back, if someone appears to be from a coordinated group who is more interested in the

schwab. ♪ >>> welcome back to "squawk box." let's get back to the broader markets now. joining us to talk about the phases phases of the trump rally and potential risks, mohammed el-erian.w you came from pimco, which is a bond house. we've had a lot of discussions this morning about the fact that the ten-year yield doesn't seem to move much above 2.5%, if ever, and that there are people who say the bond market is signaling something very different from the stock market. the bond market is stuck, suggesting it's worried about growth or something. what do you think? >> i think our bond market is being impacted by what's happening in europe. two-year yields in germany, record minus 87 basis points spread between germany and france. they are worried about political risk in europe. that is keeping yields down there despite better growth numbers over there. that is having an impact on our yields. >> because people are buying ours for safety for fears of what could happen in europe. >> and they're looking for a pick-up. there's an attractive yield pick-up here. the stock market is being driven by three very powerful phenomena. one is better global economic data. two is cash co